Jollibee Foods invests in China fast food

Jollibee Foods Corp bought an 85% stake in Yonghe King of Taiwan for US$22.5 million. The Philippines firm will use the Yonghe King brand to sell to fast food in China. Yonghe currently runs 83 mainland outlets, which each received investment of approximately RMB 1 million. Jollibee plans to open 1,000 new outlets on the mainland over the next seven years.